# Fund Treasury *** ## Fund Treasury The fund treasury is where all fund capital lives. It is a Safe multisig wallet controlled by the fund's Admins. ### How capital enters When the fund accepts your membership request, your USDC moves from the Limbo Vault into the treasury. At that moment, SHARES tokens are minted to your wallet proportional to your contribution. If the treasury holds $10,000 and you deposit $1,000, you receive 10% of the SHARES supply. SHARES represent your ownership of the fund. As the treasury value changes through trading activity, your SHARES reflect your proportional claim on the current balance - not your original deposit amount. ### Who controls the treasury Admins have execution authority over the treasury. They can propose trades, allocate capital to vaults, and manage fund operations. But Admins never have direct withdrawal access to fund capital. **What Admins can do:** * Execute trades through integrated venues * Allocate capital to strategy vaults * Accept or deny membership requests * Promote Members to Admin **What Admins cannot do:** * Withdraw fund capital to a personal wallet * Override immutable vault policy constraints * Bypass governance requirements * Access capital in the Limbo Vault All treasury actions route through the fund's execution layer and are recorded onchain. Every member can see every transaction. ### Vault partitioning Admins can split the treasury into isolated vaults, each with its own strategy, venue connection, and risk parameters. Allocation limits, drawdown thresholds, and protocol restrictions are set when the vault is created and cannot be changed once active. If a strategy in one vault fails, the impact is contained to that vault's allocation. Capital in other vaults and the unallocated treasury is unaffected. ### What Rayze controls Nothing. Rayze has no signing authority over any fund treasury. The platform provides the infrastructure - the smart contracts, the execution layer, the interface. Custody stays with the fund's Safe multisig at all times. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.rayze.io/architecture/fund-treasury.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.